ColoSpace Blog

Cloud Computing; A Game Changer for Banks

 

Banks, regardless of size, are capitalizing on new cloud technologies in order to remain competitive. This shift in IT strategy delivers the cost-savings, flexibility, efficiency and compliance necessary to facilitate the digitalization of the banking industry and keep up with the needs of the changing industry dynamics and new compliance regulations.

By utilizing cloud-based IT resources, including storage, hosting, disaster recovery and backup to name a few, financial institutions of all sizes are able to reap many benefits that help them remain competitive.

Benefits of Cloud Computing for Banks

Cost Savings

With cloud computing, banks no longer need to invest in proprietary infrastructure. Instead, organizations can access and maintain their data through their provider’s cloud environment. This cuts down on both the up-front capital costs associated with hardware along with operational costs in the form of power, cooling, maintenance, etc.
Rather than pay a flat fee to keep systems up and running, cloud providers offer a variety of metered, pay-per-use options.
With cloud computing, staffing costs are also greatly reduced. Internal teams no longer must worry about hardware refreshes or server and software updates, freeing up their time to focus on what matters most: their business. Cost savings can also be reinvested into the business to increase headcount, boost wages and drive product innovation.

Flexibility and Scalability

With a move to the cloud, banks can respond quickly to changing market, customer and technological needs. If needs change, it is easy to scale cloud capacity up, drawing on the service’s remote servers while also being able to decrease usage if need-be. Banks are also able to maintain their competitive edge with the ability to rapidly deploy new projects and quickly take them live.

Security

Cloud technologies boost security in ways that on-premise systems are unable to. Cloud computing can provide greater security compared to traditional platforms, especially for smaller banks that have limited IT budgets. Banks typically use a patchwork of solutions for their core processes, which due to the need to provide ever more internet and mobile access to clients, as well as flexibility to the banks’ workforce, becomes more exposed to cyber threats. Cloud platforms are developed with connectivity in mind and by specialized companies with very little legacy constraints, which makes them more secure. Encryption services also provide additional layers of data encryption for applications that cloud service providers do not control, thus keeping data secure at all times, wherever it is stored. Finally, with strict protocols and security certifications like SOC2 and ISO2001 built into many services, banks can ensure the cloud is accessed and enabled securely for any solution provider they work with.

Business Continuity

Simply put, cloud computing provides a high level of redundancy, recovery and back-up at a lower price than traditional managed solutions. Cloud technologies provide a high level of data protection, fault tolerance, and disaster recovery, providing a more reliable business continuity solution due to the distributed nature of storage and processing, the ability to shift data more quickly and the remote accessibility of the cloud in the event of a disaster.

ColoSpace: New England’s Most-Trusted Banking Cloud Provider

In the age of banking digital transformation, cloud technology can deliver the total package: quick deployment and faster go-to-market innovations at a fraction of the cost of on-premise, while maintaining security and compliance standards. These benefits have also put small, local banks and credit unions on a level playing field with the big banks, who are struggling to keep up as they are being bogged down by legacy systems and silos.
ColoSpace has been a trusted advisor to consumer banks for over a decade. As a result, our suite of Cloud, Data Center and Managed IT Services have been designed from the ground-up to assure that consumer banks remain competitive in today’s market.

Benefits of Managed DNS

As part of a suite of managed services, managed Domain Name Service can bring incredible value to an enterprise. This is because DNS is quietly one of the most important points of access for any business with an online component—as well as one of the most vulnerable to failure and compromise.

What is DNS?

DNS, simply put, allows a user to navigate to a website using a name rather than internet code. Once a business registers a domain, with that domain comes a variety of other responsibilities and options, not least of which is maintaining DNS infrastructure.

Why Managed DNS?

While many free domain registrars may provide some basic functionality—for more advanced functions and enterprise-class performance, it makes sense to opt for a managed DNS provider. This is because, like data center operation and server maintenance itself, DNS management is a full-time job and downtime is extremely costly. Enterprises can't afford to use "Free" DNS services because they are not built for efficiency and performance.

To ensure peak DNS performance, uptime, and speed, redundancy is key. Colospace's Managed DNS partner, Dyn-Oracle, offer services through a network of DNS servers deployed globally and 24x7x365 domain monitoring from multiple geographic regions. Hosting a domain on internal DNS servers presents a single point of failure, invites a host of security threats, and adds unnecessary latency to virtually every web, e-mail, and other Internet transaction.

How can ColoSpace help?

ColoSpace has partnered with Dyn-Oracle, the largest privately owned DNS provider in the world, and now provides all of its customers managed DNS via Dyn-Oracle's industry leading platform. Dyn-Oracle helps manage traffic for users all over the world, ensuring 100 percent uptime due to its superior infrastructure redundancy.

All ColoSpace, customers receive this service at no additional cost and also have the opportunity to upgrade to some advanced features, including:

High Availability with Failover

• Your application is monitored 24x7x365 from multiple geographic regions
• If an outage is detected, traffic is automatically rerouted to an alternative server, data center, or maintenance page
• Service ensures your site or application is always available with no manual intervention required
• This capability addresses service interruptions caused by application failures, infrastructure failures, or regional network issues

Global Server Load Balancing

• Balance your site/application traffic load between servers and data centers for optimal response times
• Easily modify configuration as infrastructure grows and changes
• Ideal for websites or applications with growing or unpredictable traffic patterns
• Start with load balancing from the beginning rather than when you reach a capacity limitation

Geographic Load Balancing

• Use advanced Geolocation technology to route application traffic based on user's location or language
• Route traffic based on additional parameters including site performance
• Target country/state and setup failover configuration to ensure uptime and performance
• Most granular targeting of site traffic available today

To find out how ColoSpace can bring unparalleled performance, security, and availability to your enterprise, get in touch today.

Why The Cloud Is The New Home For Your Disaster Recovery Plan

In the event of a disaster, it pays to have a plan. For businesses that are dependent on business applications and their data, the loss of a server can be devastating and bring business operations grinding to a halt. This makes disaster recovery (DR) solutions invaluable for maintaining business continuity after an unforeseen event.

Thus, DR services are utterly indispensable for many businesses. With many DR recovery solutions, data and software are copied automatically to a backup server, essentially cloning the information held on the primary server. In a case where one server goes down, the other has an exact copy of the data ready to be used, limiting downtime and protecting against losses.

Beyond traditional DR solutions, more and more companies are turning to the cloud. One of the biggest use cases for the cloud is for backup and disaster recovery. It adds up to one thing: Organizations are counting on the cloud to make sure they retain access to their critical corporate data.

According to a recent survey, 50% of companies are using cloud-based DR solutions, and backup is the 2nd most widely-used application of cloud computing, with disaster recovery coming in 7th.

So, why the big push towards cloud DR? As with many other cloud-based applications, Cloud DR’s benefits outweigh those of traditional computing methods.  Here are some of these benefits.

Saves Time and Money

 Everything that you previously built and managed (or were planning to) in preparation for a disaster goes away– the second data center facility, the additional staff, servers, and other infrastructure – all gone!

Cloud providers only charge you when services are being used. So instead of incurring all of the aforementioned costs required to build and maintain duplicate data centers, you’ll pay only a fraction of that when backing up your applications in the cloud.

And if you never have to deal with disaster (knock on wood), your costs will be even lower.

 Scalability 

Cloud services can be easily scaled up to meet demand as needed. With traditional, you had to make sure that you had enough server capacity in your duplicate data center to meet demand.

With the cloud, scaling capacity is simple, quick, and more cost effective, ensuring that your customers will have a great user experience even in the case of a disaster.

Faster Response Times

Using the cloud also means that organizations can respond more quickly to a disaster, sometimes in as little as a matter of minutes. In fact, companies can actually recover from a disaster within the cloud itself, using cloud orchestration and automation tools to automate the in-cloud recovery process from end to end.

Recovering from a disaster within the cloud also means that organizations don't need to take the time, processing, and cost associated with recovering everything from the cloud to on-premises. That way, recovery can be limited to critical data, further reducing costs. 

Easily Implemented With High Availability

Disaster recovery solutions are relatively easy to set up in the cloud, especially compared to setting up a duplicate data center. Organizations don’t have to purchase and deploy backup servers, drives, and disks. Rather, they can easily and instantly deploy a cloud storage solution such as Amazon S3 to back up your data, or even tier your backup with longer-term data storage solutions like Amazon Glacier to lower costs even more.

And it’s extremely easy to restore your infrastructure quickly if your app is backed up in the cloud.

There’s no more dealing with transportation and restoration of backup tapes to get your application up and running again. When using the cloud for DR, you can access all of your data through the internet much more quickly and easily.

Simply put -Disaster recovery is just much easier in the cloud!

After realizing all of the benefits of a cloud-based disaster recovery solution, the key to effectiveness is partnering with an experienced service provider. ColoSpace has worked with hundreds of firms to implement cost-effective Disaster Recovery Solutions to safeguard their data and protect their worker’s productivity in the event of a failure.

When evaluating risk it is easy to think about failures due to catastrophic weather events or terrorism, but far more common is the every day disaster that can happen from hardware failure, software glitches, or cyber attacks.

Going without a DR solution means that your company or organization is deeply vulnerable in the event of a disaster. To learn more about ColoSpace’s enterprise-class disaster recovery solutions, contact us today.

The Benefits of a Hybrid Solution

Are you looking for a business solution that integrates cloud services with advanced security and accessibility not typically associated with a public cloud solution? A hybrid solution might be just what you are looking for. In 2016, about half of all IT workloads will use the cloud this year instead of on-site aspects. By 2017, almost two-thirds of all data processing operations will be cloud-based.

Why Are Disaster Recovery Services Important?

In the event of a disaster, it pays to have a plan. For businesses that are dependent on business applications and their data, the loss of a server can be financially devastating and bring day-to-day operations grinding to a halt. This makes disaster recovery (DR) solutions invaluable for maintaining business continuity after an unforeseen event.

Thus, DR services are utterly indispensable for many businesses. With many DR recovery solutions, data and software are copied automatically to a backup server, essentially cloning the information held on the primary server. In a case where one server goes down, the other has an exact copy of the data ready to be used, limiting downtime and protecting against losses.

Key Elements to Look for in a Data Center Provider

For businesses looking to take efficiency to the next level, partnering with the right data center leads to lower operating costs and increased security and reliability. Choosing the right data center provider for your needs is vital: the right center should be able to handle your growth. Cut corners, however, and you may put your enterprise at risk.

“One of the biggest mistakes is companies selecting a provider without fully reviewing and understanding the ongoing maintenance and operational plans associated with a given facility,” says Rick Drescher, technical services director at Studley Inc., a commercial real estate services firm based in New York, speaking to TechTarget.

Behind Every Cloud Is a Data Center

It can be easy to think of cloud technologies as something ethereal and intangible — as the name might suggest. But the truth is that, behind every cloud is a physical data center, expertly managed to make sure data and computing power is being distributed to a client with minimal disruption and maximum integrity.

This means that the cloud is actually powered by data centers. These are hosted in secure locations with hundreds of server racks designated for different clients, all managed by qualified service providers like ColoSpace.

High Performance Cloud: Cloud Storage

Increasingly, innovators in every industry are turning to cloud solutions to help their enterprises reach peak efficiency. Rather than investing heavily in expensive – and potentially limited – hardware storage options, cloud storage lets a business only pay for what it needs and scale up (or down) on demand.

With hardware solutions, limitations are built in according to the physical capacity that you purchase. The high up-front investment includes a ceiling in terms of how much you can actually store. For a business experiencing any kind of growth or wanting to stay ahead of technology trends, this can be a serious impediment.

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